The Insurance Industry in Benin, Key Trends and Opportunities to 2022

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Published: August 31, 2018 Report Code: GDIS1713MR-ST

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GlobalData’s "The Insurance Industry in Benin, Key Trends and Opportunities to 2022", report provides detailed analysis of the market trends, drivers and challenges in the Beninese insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Beninese economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

The report provides in-depth market analysis, information and insights into the Beninese insurance industry, including –
– The Beninese insurance industry's growth prospects by segment and category
– A comprehensive overview of the Beninese economy and demographics
– Details of the competitive landscape in the Beninese insurance industry
– The various distribution channels in the Beninese insurance industry
– Details of regulatory policy applicable to the Beninese insurance industry
– Analysis of natural hazards in the Beninese insurance industry.

Scope

– This report provides a comprehensive analysis of the insurance industry in Benin

– It provides historical values for the Beninese insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.

– It offers a detailed analysis of the key segments in the Beninese insurance industry, with market forecasts to 2022.

– It covers an exhaustive list of parameters, including written premium and claims.

– It analyzes the various distribution channels in Benin.

– It profiles the top insurance companies in Benin, and outlines the key regulations affecting them.

Reasons to Buy

– Make strategic business decisions using in-depth historic and forecast market data related to the Beninese insurance industry and each segment and category within it.

– Understand the demand-side dynamics, key market trends and growth opportunities in the Beninese insurance industry.

– Assess the competitive dynamics in the Beninese insurance industry.

– Identify the growth opportunities and market dynamics in key segments.

– Gain insights into key regulations governing the Beninese insurance industry and their impact on companies and the industry's future.

L'Africaine des Assurances
Nouvelle Societe Interafricaine d'Assurances
Sunu Assurances Vie Benin
La Federale d'Assurances SA
Saham Assurance vie
Nouvelle Societe Interafricaine d'Assurances Vie
L'Africaine Vie Benin
La Generale des Assurances
Allianz Benin Assurances
Assurances et Reassurances du Golfe de Guinee

Table of Contents

Table of Contents

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 INDUSTRY OUTLOOK

4.1 Industry Indicators

4.1.1 Direct written premium

4.1.2 Insurance density

4.1.3 Paid claims

5 LIFE INSURANCE OUTLOOK

5.1 Segment Indicators

5.1.1 Direct written premium

5.1.2 Paid claims

5.1.3 Penetration

5.1.4 Assets and investments

6 GENERAL INSURANCE OUTLOOK

6.1 Segment Indicators

6.1.1 Direct written premium

6.1.2 Paid claims

6.1.3 Penetration

6.1.4 Loss ratio

6.1.5 Assets and investments

6.2 Property Insurance

6.2.1 Direct written premium

6.2.2 Penetration

6.2.3 Profitability

6.3 Motor Insurance

6.3.1 Direct written premium

6.3.2 Penetration

6.3.3 Profitability

6.4 Liability Insurance

6.4.1 Direct written premium

6.4.2 Penetration

6.4.3 Profitability

6.5 Marine, Aviation and Transit Insurance

6.5.1 Direct written premium

6.5.2 Penetration

6.5.3 Profitability

6.6 Personal Accident and Health Insurance

6.6.1 Direct written premium

6.6.2 Penetration

6.6.3 Profitability

6.7 Miscellaneous

6.7.1 Direct written premium

6.7.2 Penetration

6.7.3 Profitability

7 REINSURANCE OUTLOOK

7.1 Reinsurance Accepted

7.2 Premium Ceded

8 DISTRIBUTION CHANNEL OUTLOOK

9 NATURAL AND MAN-MADE HAZARDS

9.1 Flooding

9.2 Harmattan winds

9.3 Droughts

9.4 Epidemics

9.5 Exposure

10 COMPETITIVE LANDSCAPE

10.1 Company Profiles

10.1.1 L'Africaine des Assurances – company overview

10.1.2 Nouvelle Societe Interafricaine d'Assurances – company overview

10.1.3 Sunu Assurances Vie Benin – company overview

10.1.4 La Federale d'Assurances SA – company overview

10.1.5 Saham Assurance vie – company overview

11 GOVERNANCE, RISK AND COMPLIANCE

11.1 Legislation Overview and Historical Evolution

11.2 Latest Changes in Regulation

11.3 Legislation and Market Practice by Type of Insurance

11.3.1 Life insurance

11.3.2 Property insurance

11.3.3 Motor insurance

11.3.4 Liability insurance

11.3.5 Marine, aviation and transit insurance

11.3.6 Personal accident and health insurance

11.4 Compulsory Insurance

11.4.1 Motor third-party liability insurance

11.4.2 Professional indemnity insurance for insurance intermediaries

11.4.3 Workmen’s compensation

11.5 Supervision and Control

11.5.1 International Association of Insurance Supervisors

11.5.2 Commission Regional des Assurances

11.5.3 Direction du Contrôle des Assurances

11.6 Non-Admitted Insurance Regulations

11.6.1 Overview

11.6.2 Intermediaries

11.6.3 Market practices

11.6.4 Fines and Penalties

11.7 Company Registration and Operations

11.7.1 Type of insurance organization

11.7.2 Establishing a local company

11.7.3 Foreign ownership

11.7.4 Types of license

11.7.5 Capital requirements

11.7.6 Solvency margin

11.7.7 Reserve requirements

11.7.8 Investment regulations

11.7.9 Statutory return requirements

11.7.10 Fee structure

11.8 Taxation

11.8.1 Insurance premium or policy taxation

11.8.2 Withholding taxes on premium paid overseas

11.8.3 Corporate tax

11.8.4 VAT

11.8.5 Captives

11.9 Legal System

11.9.1 Introduction

11.9.2 Access to court

11.9.3 Alternative dispute resolution

12 DATABOOK

12.1 Life Insurance

12.1.1 Policies and premium

12.1.2 Claims and expenses

12.1.3 Assets and investments

12.2 General Insurance

12.2.1 Policies and premium

12.2.2 Claims and expenses

12.2.3 Assets and investments

12.2.4 Property insurance

12.2.5 Property insurance by category

12.2.6 Motor insurance

12.2.7 Motor insurance by category

12.2.8 Liability insurance

12.2.9 Marine, aviation and transit insurance

12.2.10 Marine, aviation and transit insurance by category

12.2.11 Personal accident and health insurance

12.2.12 Miscellaneous

13 DEFINITIONS AND METHODOLOGY

13.1 Definitions

13.2 Methodology

14 ABOUT GLOBALDATA

14.1 Contact GlobalData

14.2 About GlobalData

14.3 GlobalData’s Services

14.4 Disclaimer

Table

List of Tables

Table 1: Beninese Insurance Industry – Key Facts, 2017

Table 2: Beninese Insurance Industry – Industry Shares of the Top Insurers, 2016

Table 3: Beninese Insurance Industry – Direct Written Premium (XOF Billion and US$ Million), 2013-2017

Table 4: Beninese Insurance Industry – Direct Written Premium (XOF Billion and US$ Million), 2017-2022

Table 5: Beninese Insurance Industry – Density (XOF), 2013-2017

Table 6: Beninese Insurance Industry – Density (XOF), 2017-2022

Table 7: Beninese Insurance Industry – Paid Claims (XOF Billion and US$ Million), 2013-2017

Table 8: Beninese Insurance Industry – Paid Claims (XOF Billion and US$ Million), 2017-2022

Table 9: Beninese Life Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013-2017

Table 10: Beninese Life Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017-2022

Table 11: Beninese Life Insurance – Paid Claims (XOF Billion and US$ Million), 2013-2017

Table 12: Beninese Life Insurance – Paid Claims (XOF Billion and US$ Million), 2017-2022

Table 13: Beninese Life Insurance – Total Investment Income (XOF Billion and US$ Million), 2013-2017

Table 14: Beninese Life Insurance – Total Investment Income (XOF Billion and US$ Million), 2017-2022

Table 15: Beninese Life Insurance – Investment Portfolio (XOF Billion), 2013-2017

Table 16: Beninese Life Insurance – Investment Portfolio (XOF Billion), 2017-2022

Table 17: Beninese General Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013-2017

Table 18: Beninese General Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017-2022

Table 19: Beninese General Insurance – Paid Claims (XOF Billion and US$ Million), 2013-2017

Table 20: Beninese General Insurance – Paid Claims (XOF Billion and US$ Million), 2017-2022

Table 21: Beninese General Insurance – Total Investment Income (XOF Billion and US$ Million), 2013-2017

Table 22: Beninese General Insurance – Total Investment Income (XOF Billion and US$ Million), 2017-2022

Table 23: Beninese General Insurance – Investment Portfolio (XOF Billion), 2013-2017

Table 24: Beninese General Insurance – Investment Portfolio (XOF Billion), 2017-2022

Table 25: Beninese Property Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013-2017

Table 26: Beninese Property Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017-2022

Table 27: Beninese Property Insurance – Loss Ratio (%), 2013-2017

Table 28: Beninese Property Insurance – Loss Ratio (%), 2017-2022

Table 29: Beninese Motor Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013-2017

Table 30: Beninese Motor Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017-2022

Table 31: Beninese Motor Insurance – Loss Ratio (%), 2013-2017

Table 32: Beninese Motor Insurance – Loss Ratio (%), 2017-2022

Table 33: Beninese Liability Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013-2017

Table 34: Beninese Liability Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017-2022

Table 35: Beninese Liability Insurance – Loss Ratio (%), 2013-2017

Table 36: Beninese Liability Insurance – Loss Ratio (%), 2017-2022

Table 37: Beninese Marine, Aviation and Transit Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013-2017

Table 38: Beninese Marine, Aviation and Transit Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017-2022

Table 39: Beninese Marine, Aviation and Transit Insurance – Loss Ratio (%), 2013-2017

Table 40: Beninese Marine, Aviation and Transit Insurance – Loss Ratio (%), 2017-2022

Table 41: Beninese Personal Accident and Health Insurance – Direct Written Premium (XOF Billion and US$ Million), 2013-2017

Table 42: Beninese Personal Accident and Health Insurance – Direct Written Premium (XOF Billion and US$ Million), 2017-2022

Table 43: Beninese Personal Accident and Health Insurance – Loss Ratio (%), 2013-2017

Table 44: Beninese Personal Accident and Health Insurance – Loss Ratio (%), 2017-2022

Table 45: Beninese Miscellaneous – Direct Written Premium (XOF Billion and US$ Million), 2013-2017

Table 46: Beninese Miscellaneous – Direct Written Premium (XOF Billion and US$ Million), 2017-2022

Table 47: Beninese Miscellaneous – Loss Ratio (%), 2013-2017

Table 48: Beninese Miscellaneous – Loss Ratio (%), 2017-2022

Table 49: Beninese Reinsurance – Premium Accepted (XOF Million) by Reinsurance Type, 2013-2017

Table 50: Beninese Reinsurance – Premium Accepted (XOF Million) by Reinsurance Type, 2017-2022

Table 51: Beninese Reinsurance – Premium Ceded by Insurance Segment (XOF Billion), 2013-2017

Table 52: Beninese Reinsurance – Premium Ceded by Insurance Segment (XOF Billion), 2017-2022

Table 53: Beninese Insurance Industry – Market Share of Leading Insurers (%), 2016

Table 54: Beninese Life Insurance Segment – Market Share of Leading Insurers (%), 2016

Table 55: Beninese General Insurance Segment – Market Share of Leading Insurers (%), 2016

Table 56: L'Africaine des Assurances – Key Facts

Table 57: Nouvelle Societe Interafricaine d'Assurances – Key Facts

Table 58: Sunu Assurances Vie Benin – Key Facts

Table 59: La Federale d'Assurances S.A. – Key Facts

Table 60: Saham Assurance vie – Key Facts

Table 61: Benin – Insurance Regulatory Framework Key Features

Table 62: Benin – Intermediary Remuneration Rates

Table 63: Benin – Life Insurance Regulatory Framework

Table 64: Benin – Property Insurance Regulatory Framework

Table 65: Benin- Motor Insurance Regulatory Framework

Table 66: Benin – Liability Insurance Regulatory Framework

Table 67: Benin – Insurance Premium Tax Rates

Table 68: Benin – Corporate Tax Rates for the Financial Year 2017

Table 69: Beninese Life Insurance – Policies and Premium, 2013-2017

Table 70: Beninese Life Insurance – Policies and Premium, 2017-2022

Table 71: Beninese Life Insurance – Claims and Expenses, 2013-2017

Table 72: Beninese Life Insurance – Claims and Expenses, 2017-2022

Table 73: Beninese Life Insurance – Assets and Investments, 2013-2017

Table 74: Beninese Life Insurance – Assets and Investments, 2017-2022

Table 75: Beninese General Insurance – Policies and Premium, 2013-2017

Table 76: Beninese General Insurance – Policies and Premium, 2017-2022

Table 77: Beninese General Insurance – Claims and Expenses, 2013-2017

Table 78: Beninese General Insurance – Claims and Expenses, 2017-2022

Table 79: Beninese General Insurance – Assets and Investments, 2013-2017

Table 80: Beninese General Insurance – Assets and Investments, 2017-2022

Table 81: Beninese General Insurance – Property Insurance, 2013-2017

Table 82: Beninese General Insurance – Property Insurance, 2017-2022

Table 83: Beninese General Insurance – Property Insurance by Category, 2013-2017

Table 84: Beninese General Insurance – Property Insurance by Category, 2017-2022

Table 85: Beninese General Insurance – Motor Insurance, 2013-2017

Table 86: Beninese General Insurance – Motor Insurance, 2017-2022

Table 87: Beninese General Insurance – Motor Insurance by Category, 2013-2017

Table 88: Beninese General Insurance – Motor Insurance by Category, 2017-2022

Table 89: Beninese General Insurance – Liability Insurance, 2013-2017

Table 90: Beninese General Insurance – Liability Insurance, 2017-2022

Table 91: Beninese General Insurance – Marine, Aviation and Transit Insurance, 2013-2017

Table 92: Beninese General Insurance – Marine, Aviation and Transit Insurance, 2017-2022

Table 93: Beninese General Insurance – Marine Aviation and Transit Insurance by Category, 2013-2017

Table 94: Beninese General Insurance – Marine Aviation and Transit Insurance by Category, 2017-2022

Table 95: Beninese General Insurance – Personal Accident and Health Insurance, 2013-2017

Table 96: Beninese General Insurance – Personal Accident and Health Insurance, 2017-2022

Table 97: Beninese General Insurance – Miscellaneous, 2013-2017

Table 98: Beninese General Insurance – Miscellaneous, 2017-2022

Table 99: Insurance Industry Definitions

Figures

List of Figures

Figure 1: Beninese Real GDP (XOF Trillion), 2013-2022

Figure 2: Beninese Exchange Rate (XOF per US$), 2013-2022

Figure 3: Beninese Consumer Price Inflation (%), 2013-2022

Figure 4: Beninese Current Account Balance as Percentage of GDP (%), 2013-2022

Figure 5: Beninese Unemployment Rate, 2013-2022

Figure 6: Beninese Population by Age Group, 2013-2022

Figure 7: Beninese Insurance Industry – Direct Written Premium (XOF Billion), 2013-2022

Figure 8: Beninese Insurance Industry – Density (XOF), 2013-2022

Figure 9: Beninese Insurance Industry – Paid Claims (XOF Billion), 2013-2022

Figure 10: Beninese Life Insurance – Direct Written Premium (XOF Billion), 2013-2022

Figure 11: Beninese Life Insurance – Paid Claims (XOF Billion), 2013-2022

Figure 12: Beninese Life Insurance – Penetration (%), 2013-2017

Figure 13: Beninese Life Insurance – Penetration (%), 2017-2022

Figure 14: Beninese Life Insurance – Total Investment Income (XOF Billion), 2013-2022

Figure 15: Beninese Life Insurance – Investment Portfolio (XOF Billion), 2013-2022

Figure 16: Beninese Life Insurance – Investment Portfolio Dynamics (XOF Billion), 2013-2022

Figure 17: Beninese General Insurance – Direct Written Premium (XOF Billion), 2013-2022

Figure 18: Beninese General Insurance – Paid Claims (XOF Billion), 2013-2022

Figure 19: Beninese General Insurance – Penetration (%), 2013-2017

Figure 20: Beninese General Insurance – Penetration (%), 2017-2022

Figure 21: Beninese General Insurance – Loss Ratio (%), 2013-2017

Figure 22: Beninese General Insurance – Loss Ratio (%), 2017-2022

Figure 23: Beninese General Insurance – Total Investment Income (XOF Billion), 2013-2022

Figure 24: Beninese General Insurance – Investment Portfolio (XOF Billion), 2013-2022

Figure 25: Beninese General Insurance – Investment Portfolio Dynamics (XOF Billion), 2013-2022

Figure 26: Beninese Property Insurance – Direct Written Premium (XOF Billion), 2013-2022

Figure 27: Beninese Property Insurance – Penetration (%), 2013-2017

Figure 28: Beninese Property Insurance – Penetration (%), 2017-2022

Figure 29: Beninese Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022

Figure 30: Beninese Motor Insurance – Direct Written Premium (XOF Billion), 2013-2022

Figure 31: Beninese Motor Insurance – Penetration (%), 2013-2017

Figure 32: Beninese Motor Insurance – Penetration (%), 2017-2022

Figure 33: Beninese Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022

Figure 34: Beninese Liability Insurance – Direct Written Premium (XOF Billion), 2013-2022

Figure 35: Beninese Liability Insurance – Penetration (%), 2013-2017

Figure 36: Beninese Liability Insurance – Penetration (%), 2017-2022

Figure 37: Beninese Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022

Figure 38: Beninese Marine, Aviation and Transit Insurance – Direct Written Premium (XOF Billion), 2013-2022

Figure 39: Beninese Marine, Aviation and Transit Insurance – Penetration (%), 2013-2017

Figure 40: Beninese Marine, Aviation and Transit Insurance – Penetration (%), 2017-2022

Figure 41: Beninese Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022

Figure 42: Beninese Personal Accident and Health Insurance – Direct Written Premium (XOF Billion), 2013-2022

Figure 43: Beninese Personal Accident and Health Insurance – Penetration (%), 2013-2017

Figure 44: Beninese Personal Accident and Health Insurance – Penetration (%), 2017-2022

Figure 45: Beninese Personal Accident and Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022

Figure 46: Beninese Miscellaneous – Direct Written Premium (XOF Billion), 2013-2022

Figure 47: Beninese Miscellaneous – Penetration (%), 2013-2017

Figure 48: Beninese Miscellaneous – Penetration (%), 2017-2022

Figure 49: Beninese Miscellaneous – Earned Premium, Incurred Loss and Loss Ratio (XOF Billion and %), 2013-2022

Figure 50: Beninese Reinsurance – Premium Accepted (XOF Million) by Reinsurance Type, 2013-2022

Figure 51: Beninese Reinsurance – Premium Ceded by Insurance Segment (XOF Billion), 2013-2022

Figure 52: Beninese General Insurance – Percentage of Reinsurance Ceded (%), 2013-2022

Figure 53: Beninese Insurance Industry – Market Share of Leading Insurers (%), 2016

Figure 54: Beninese Life Insurance Segment – Market Share of Leading Insurers (%), 2016

Figure 55: Beninese General Insurance Segment – Market Share of Leading Insurers (%), 2016

Figure 56: Benin – Insurance Supervision and Control at Various Levels

Figure 57: Benin – Insurance Regulatory Frameworks for Company Registration and Operation

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